114                                       LAWS OF MARYLAND                                Ch. 23

MONEY, NOT IN EXCESS OF 3/10 OF 1 PERCENT OF THE PAYROLL OF
MEMBERS, THAT IT CONSIDERS NECESSARY TO BE PAID IN THE
EXPENSE FUND DURING THE NEXT YEAR TO PROVIDE FOR THE EXPENSE
OF OPERATION OF THIS PENSION SYSTEM, AND THE AMOUNT SHALL BE
PAID TO THE EXPENSE FUND FOR THIS PURPOSE. THE SECRETARY OF
PERSONNEL MAY COMBINE THE EXPENSE FUNDS OF THE SEVERAL STATE
RETIREMENT AND PENSION SYSTEMS FOR BUDGETARY AND
ADMINISTRATIVE EFFICIENCY.

(4) (A) ON OR BEFORE THE FIRST DAY OF NOVEMBER NEXT
PRECEDING EACH REGULAR MEETING OF THE GENERAL ASSEMBLY OF
MARYLAND, THE BOARD OF TRUSTEES SHALL CERTIFY TO THE
GOVERNOR THE AMOUNTS THAT WILL BECOME DUE AND PAYABLE DURING
THE NEXT YEAR TO EACH OF THE FUNDS OF THIS PENSION SYSTEM
TOGETHER WITH A STATEMENT OF THE PERCENTAGE OF THE PAYROLL
OF ALL MEMBERS WHICH IS EQUIVALENT TO THE TOTAL AMOUNT.
THIS AMOUNT SHALL BE INCLUDED IN THE BUDGET BILL THAT IS
SUBMITTED TO THE GENERAL ASSEMBLY.

(B) THE BOARD OF TRUSTEES SHALL CERTIFY
ONE-QUARTER OF THE AMOUNT SPECIFIED IN PARAGRAPH (A) OF THIS
SUBSECTION TO THE STATE COMPTROLLER ON OR BEFORE THE LAST
DAY OF DECEMBER, FEBRUARY, MAY, AND SEPTEMBER. ON OR BEFORE
THE FIRST DAY OF JANUARY, MARCH, JUNE, AND OCTOBER, THE
COMPTROLLER SHALL DRAW A WARRANT ON THE STATE TREASURER FOR
THE RESPECTIVE AMOUNTS DUE THIS PENSION SYSTEM. ON RECEIPT
OF THE WARRANT OF THE COMPTROLLER, THE STATE TREASURER
IMMEDIATELY SHALL TRANSFER TO THIS PENSION SYSTEM THE
AMOUNTS DUE.

123. GUARANTY.

THE CREATION AND MAINTENANCE OF RESERVES IN THE
ACCUMULATION FUND, REGULAR INTEREST CREDITABLE TO THE FUNDS
AS PROVIDED IN § 122 OF THIS SUBTITLE, THE PAYMENT OF ALL
RETIREMENT ALLOWANCES, REFUNDS, AND OTHER BENEFITS GRANTED
UNDER THIS SUBTITLE, AND ALL EXPENSES IN CONNECTION WITH THE
ADMINISTRATION AND OPERATION OF THIS PENSION SYSTEM ARE
OBLIGATIONS OF THE STATE. ALL INCOME, INTEREST, AND
DIVIDENDS DERIVED FROM DEPOSITS AND INVESTMENTS AUTHORIZED
BY THIS SUBTITLE SHALL BE USED TO PAY THESE OBLIGATIONS OF
THE STATE.

124. COMPUTATION OF EMPLOYER'S CONTRIBUTIONS WHICH ARE
CHARGEABLE TO FUNDS OTHER THAN GENERAL FUNDS.

THE COMPTROLLER OF THE TREASURY SHALL COMPUTE FOR EVERY
DEPARTMENT, BOARD, BUREAU, COMMISSION, OR OTHER AGENCY OF
THE STATE GOVERNMENT WHICH IS SUPPORTED IN WHOLE OR IN PART
BY FUNDS OTHER THAN GENERAL FUNDS THE AMOUNT THAT THE
DEPARTMENT, BOARD, BUREAU, COMMISSION, OR OTHER AGENCY SHALL
PAY AS THE EMPLOYER'S SHARE OF EMPLOYEE PENSION COST THAT IS
CHARGEABLE TO THE FUNDS OTHER THAN GENERAL FUNDS OF THE
AGENCY. THE COMPTROLLER SHALL MAKE THIS COMPUTATION USING
THE TOTAL RATE OF CONTRIBUTIONS AS SET BY THE ACTUARY OF
THIS PENSION SYSTEM FOR THE GENERAL FUND PAYMENTS BY THE
STATE TO THIS PENSION SYSTEM. CONTRIBUTIONS FOR RETIREMENT